AN ACT relating to public infrastructure authorities.
Establish KRS Chapter 175B and create new sections thereof to provide definitions; establish the Kentucky Public Transportation Infrastructure Authority; specify membership, meeting requirements, staffing, and operations; state the purpose and powers of the authority; direct the authority to evaluate potential projects; require that projects be proposed by a local government and approved by the department; permit tolling, establish requirements for level of tolling, and direct how proceeds of tolls and other revenues shall be used; permit the authority to contract with the department for construction and operations; specify that the authority shall maintain control of projects and revenues from projects; authorize projects constructed by the authority to include interchanges with existing roadways; permit the authority to issue administrative regulations; permit public utilities to utilize rights-of-way under specific circumstances; permit agreements for use of real estate assets of the authority by the Commonwealth; authorize issuance of bonds; provide that bonds are not a debt of the Commonwealth; permit incidental use of rights-of-way for specified purposes; authorize trust relationships; authorize state agencies and localities to invest in bonds; exempt bonds from state taxation; allow the authority to contract for provision of maintenance services; direct that projects shall revert to ownership by the Commonwealth when all bonds are retired; require issuance of an annual report, require an annual audit; prohibit officers and employees from directly investing in authority bonds; indemnify board members and employees from personal liability; authorize previous planning and other work to become a part of the function of the authority; amend KRS 176.420 to require the activity of the authority to be evaluated as a part of the six-year road plan.